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>>South Korea Introduces Standardized Crypto Withdrawal Regulations to Fight Phishing

South Korea Introduces Standardized Crypto Withdrawal Regulations to Fight Phishing

crypthub
South Korea Introduces Standardized Crypto Withdrawal Regulations to Fight Phishing

Regulatory Changes

South Korean financial regulators have introduced unified and stricter standards for the cryptocurrency withdrawal delay system to combat voice‑phishing scams. The Financial Services Commission (FSC) and the Digital Asset Exchange Association (DAXA) adopted the common rules after data indicated that 59 % of fraud cases involved withdrawal exceptions.

Impact

The tightened mandates are projected to cut withdrawal‑exception eligibility by more than 99 %. The Financial Supervisory Service (FSS) will collaborate with DAXA to enforce the new measures.